{"id":13382,"date":"2025-06-24T04:59:26","date_gmt":"2025-06-24T02:59:26","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=13382"},"modified":"2025-06-24T04:59:26","modified_gmt":"2025-06-24T02:59:26","slug":"senator-proposes-legislation-targeting-trumps-cryptocurrency-connections","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/24\/senator-proposes-legislation-targeting-trumps-cryptocurrency-connections\/","title":{"rendered":"Senator Proposes Legislation Targeting Trump’s Cryptocurrency Connections"},"content":{"rendered":"

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California Senator Adam Schiff, along with nine additional Democratic legislators, has put forth a bill aimed at preventing what they refer to as \u201cfinancial exploitation of digital assets\u201d by the U.S. president and other public officials.<\/p>\n

In an announcement made on Monday, Schiff and a group of Democratic senators declared<\/a> the introduction of the Curbing Officials\u2019 Income and Nondisclosure, or COIN, Act, as a response to U.S. President Donald Trump\u2019s affiliations with the cryptocurrency sector. The suggested legislation followed Trump\u2019s announcement of $57.4 million<\/a> in earnings associated with World Liberty Financial (WLF), the cryptocurrency platform supported by members of his family.<\/p>\n

\u201cPresident Donald Trump\u2019s cryptocurrency transactions have raised considerable ethical, legal, and constitutional issues regarding his use of the presidential office for personal enrichment for himself and his family,\u201d stated Schiff. \u201cThat\u2019s why I am putting forth legislation to prevent the financial exploitation of any digital assets by public officials, encompassing the president and the First Family.\u201d<\/p>\n

Source: <\/em>Senator Adam Schiff<\/em><\/a><\/figcaption><\/figure>\n

Previously, members of Congress have sought to pass legislation<\/a> prohibiting certain elected officials, including presidents and their families, from investing in stocks and other assets while in office. However, Schiff\u2019s proposed bill could broaden this ban to include issuing, sponsoring, or endorsing cryptocurrencies, memecoins, non-fungible tokens, and stablecoins \u201c180 days before and 2 years after\u201d an individual\u2019s service period in office.<\/p>\n

Related: <\/strong><\/em>Texas Representative Gill under scrutiny for delayed $500K Bitcoin disclosures<\/strong><\/em><\/a><\/p>\n

The text of the bill specifically focused<\/a> on payment stablecoins. WLF introduced its own USD1 stablecoin in March. <\/p>\n

In May, a company based in Abu Dhabi expressed its intent to utilize the stablecoin to finalize a $2 billion investment in Binance. Reports suggest that the president\u2019s family has also decreased its stake<\/a> in WLF from 75% in December to 40% in June, with potential sale proceeds projected to be worth millions of dollars.<\/p>\n

The nonpartisan group State Democracy Defenders Action reported<\/a> in April that the president\u2019s digital asset holdings were valued at $2.9 billion, which comprised approximately 40% of his total wealth.<\/p>\n